Cenovus Energy Inc. (CVE) — Stock Correlations & Overview
Over the past year, CVE has moved most closely with CNQ, SU, IXC. Explore the stocks most correlated and inversely correlated with CVE below, along with its price, financials, and company profile.
Stocks correlated with CVE
Correlation of daily returns. Higher positive values move with CVE; negative values move opposite it. Informational only, not investment advice.
Most correlated with CVE
| Symbol | Company | Correlation |
|---|---|---|
| CNQ | Canadian Natural Resources Limited | 0.84 |
| SU | Suncor Energy, Inc. | 0.83 |
| IXC | iShares Global Energy ETF | 0.82 |
| GUSH | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF | 0.81 |
| XOP | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 0.81 |
Most inversely correlated with CVE
| Symbol | Company | Correlation |
|---|---|---|
| DRIP | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF | -0.81 |
| NRGD | MicroSectors U.S. Big Oil -3x Inverse Leveraged ETNs due February 17, 2045COMMERCIAL BANKS, NEC | -0.78 |
| OILD | MicroSectors Oil & Gas Exp. & Prod. -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.77 |
| WTID | MicroSectors Energy -3x Inverse Leveraged ETNsCOMMERCIAL BANKS, NEC | -0.77 |
| ERY | Direxion Daily Energy Bear 2X ETF | -0.76 |
Frequently asked questions about CVE correlations
- Which stocks are most correlated with CVE?
- Based on one year of daily returns, the stocks most correlated with Cenovus Energy Inc. (CVE) are CNQ (0.84), SU (0.83) and IXC (0.82). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with CVE?
- Over the past year, the stocks most inversely correlated with Cenovus Energy Inc. (CVE) are DRIP (-0.81), NRGD (-0.78) and OILD (-0.77). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these CVE correlations calculated?
- We compute the correlation of daily returns between CVE and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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